4 ways Bonfire empowers easier contract management
By digitizing the bid and RFP process online with Bonfire, procurement teams gain efficiency and visibility into their procurement activities—but that’s not the end of the story!
Procurement teams need to stay engaged with their procurement decisions after the contract is awarded, in order to:
- Stay on top of key milestones and changes in active spend
- Monitor vendor performance
- Plan future procurement activities
Bonfire’s Contract and Performance Management module picks up where the bid and RFP process ends, allowing procurement teams to connect their sourcing event to the resulting contract and manage associated documents, agreements, and deadlines in the same centralized place.
In our first instalment of the Bonfire Fall Webinar Series for Clients, we covered four ways that Bonfire’s Contract and Performance Management module makes it easy for teams to close the loop on their bid and RFP decisions.
Watch the full webinar recording, or read a quick synopsis below.
1. View contract information and pull contract reports
From the Bonfire Contract Management module, you can:
- View contract information at-a-glance on a central dashboard
- Filter contracts to locate the information you need (e.g. filter by start date, contract value, commodity code, or custom fields you have pre-determined)
- Export custom reports to Excel
You also have the option to post contracts publicly on the Bonfire portal, with the ability to pick and choose what contract information is shared publicly.
From the central repository, you can click into an individual contract record to see further details, including:
- A visual timeline of the contract terms, including lead time, start date, and end date
- Custom reminders to notify you of important milestones in the contract
- Vendor documentation, including whether it is up-to-date or expired
- The current vendor performance score, as determined by vendor performance surveys
- Contract details, term and change orders, and spend against contract
- Vendor contact information
- Contract documentation
An example of a contract record in Bonfire.
Reporting is easy with all the information in one place and easily exportable. You can also give other users in your organization access to contract details (to view or edit), so all contract stakeholders are on the same page.
2. Create templates for recurring contract agreements
To save time on the set-up of recurring contracts, you can create templates which are pre-configured to include the default details, documents, and people for a given contract type.
Setting up a project template in Bonfire.
Every time you create a new contract using this template, all the preconfigured information is there—saving time and ensuring consistency.
3. Generate contracts from awarded proposals
With the Contract and Performance Management module, you can instantly create a contract record from a completed sourcing project in Bonfire.
This streamlines contract creation by automatically carrying over relevant information from the sourcing project into the Contract Record, including:
- Public files from the original sourcing project (e.g. the IFB and Addenda)
- The awarded vendor’s submission documents
Setting up a new contract record from a completed sourcing project.
From there, you can add the contractual agreement itself, include additional users from your organization who should be associated with the project, and add vendor contact information.
It’s a simple and straightforward way to ensure continuity in your procurement activities.
4. Manage Vendor Performance
The Contract and Performance Module also allows you to track vendor performance.
- Configure surveys to measure vendor performance
- Add respondents that will receive the survey
- View survey results and frequency
- Export survey results
- View trends from past surveys to see if there is improvement
An example of how survey results are displayed in a contract record.
Ongoing feedback on vendor performance is displayed in an intuitive format in the contract record. This is valuable information to help you forecast future procurement needs and bandwidth.
For example, for vendors who are performing below your organization’s performance threshold, you can anticipate that you will likely be going back out to the market for that contract when it’s up for renewal. For vendors who are performing well and whose contact includes the option to renew, you can plan on renewing.
With at-a-glance insight into vendors at risk, you can ensure that contracts with poor performance don’t slip through the cracks at renewal times—saving time and frustration for you and your end users.